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Core Viewpoint - The company is actively engaging in the development of humanoid robots and energy storage solutions, focusing on innovative products and expanding production capacity to meet emerging market demands [2][3][4]. Group 1: Humanoid Robots and Energy Storage - Humanoid robots are at a critical stage of technological breakthrough and commercialization, with potential applications in industrial inspection, home services, and medical care [2]. - The company has developed a "10 million times ultra-flexible industrial robot drag chain cable" for the industrial robot sector and is working on cables with even higher bending resistance [2]. - The company is expanding its product offerings into the energy storage sector, leveraging its expertise in flat electromagnetic wires and cables [2]. Group 2: Production Capacity Planning - The company is strategically planning its production capacity based on industry trends and downstream demand [3]. - In the first half of 2025, the company added 8,000 tons/year of flat wire production capacity for electric vehicle drive motors at its Xiangtan base [3]. - The company is establishing a smart production base in Europe with a planned annual capacity of 20,000 tons of electromagnetic wire, with the first phase of 8,000 tons expected to be operational by 2026 [3]. Group 3: R&D Innovations and Financial Performance - The company emphasizes long-term growth through technological innovation, successfully developing several special products in the electromagnetic wire sector [4]. - In the first half of 2025, the company achieved revenue of 9.335 billion yuan, a year-on-year increase of 17.50%, and a net profit of 337 million yuan, up 9.78% [4]. - The company maintains a strong focus on its core business, resulting in continuous growth in revenue and net profit [4]. Group 4: Cash Flow Management - The company prioritizes cash flow management, implementing a comprehensive risk control system to ensure payment security and improve cash flow [5].

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - Supply side: This week, China's lithium carbonate production increased by 400 tons week - on - week to 20,400 tons, with a slight increase in output from each raw material end. In August, the amount of lithium carbonate exported from Chile to China was 13,000 tons, a 4.8% decrease month - on - month and a 6.9% increase year - on - year, expected to arrive in China from late September to October. China's social inventory of lithium carbonate decreased by 981 tons week - on - week to 137,500 tons, continuing the de - stocking trend. Refineries and other sectors reduced inventory, while downstream sectors increased inventory [6]. - Demand side: According to research, the downstream production schedule in September increased by about 5% month - on - month, and overseas energy storage demand was remarkable. Ningde's production schedule guidance for suppliers in 2026 was revised up to 1100GWh, a 46% increase year - on - year, exceeding market expectations [6]. - Cost side: This week, the price of spodumene concentrate increased by 3.8% week - on - week, and the price of lepidolite concentrate increased by 5.9% week - on - week. It is expected that lithium ore prices will follow the movement of lithium salt prices. In July, China's spodumene imports were 751,000 tons, a 30.35% increase month - on - month [6]. - Strategy: Boosted by strong peak - season demand, lithium prices are trending upwards. The news of the possible复产 of the Jianxiakeng Mine has been fully priced in, and the expectation of supply contraction has cooled, but there are still news disturbances. The current lithium price is in a relatively balanced range, suppressed by high inventory and hedging demand on the upside and supported by peak - season demand on the downside. It is expected that lithium prices will fluctuate within the range of [70,000, 76,000]. Pay attention to the progress of issues at the mine end, and enterprises can consider purchasing on demand when prices are low [6]. 3. Summary by Relevant Catalogs Supply Side - **Lithium concentrate imports**: From January to June, China imported 3.496 million tons of spodumene. In July, imports were 751,000 tons, a 30.4% increase month - on - month, with a significant increase in imports from Australia [10]. - **Lithium concentrate prices**: This week, the price of spodumene concentrate increased by 3.8% week - on - week, and the price of lepidolite concentrate increased by 5.9% week - on - week. It is expected that lithium ore prices will fluctuate with lithium salt prices [13]. - **Lithium carbonate production**: From January to August this year, China's cumulative lithium carbonate production was 550,000 tons, a 38.9% increase year - on - year. In August, domestic lithium carbonate production was 80,000 tons, a 7.3% increase month - on - month [17]. - **Lithium carbonate imports**: From January to July, China's cumulative lithium carbonate imports were 131,600 tons, basically flat year - on - year. In August, the amount of lithium carbonate exported from Chile to China was 13,000 tons, a 6.9% increase year - on - year and a 4.8% decrease month - on - month, expected to arrive in China from late September to October [21]. - **Spot prices**: This week, the spot price of battery - grade lithium carbonate was 73,500 yuan/ton, a 1.4% increase week - on - week. The price of industrial - grade lithium carbonate was 71,300 yuan/ton, a slight increase week - on - week [24]. - **Profitability of non - integrated plants**: After the lithium price correction, the profitability of non - integrated lithium salt plants deteriorated. Non - integrated spodumene manufacturers had a loss of about 664 yuan/ton, and non - integrated lepidolite manufacturers had a loss of 5,011 yuan/ton [28]. Demand Side - **Cathode material plants**: From January to July, China's cumulative production of lithium iron phosphate cathode was 1.746 million tons, a 46.4% increase year - on - year, and the cumulative production of ternary cathode was 399,000 tons, an 11.9% increase year - on - year. The industry capacity utilization rate was low. In July, the capacity utilization rate of lithium iron phosphate was 59.7%, and that of ternary materials was 49.4% [34]. - **Downstream production schedule**: It is expected that the downstream production schedule in September will increase by about 5% month - on - month, and energy storage demand is remarkable [37]. - **Global new energy vehicle market**: From January to July this year, global new energy vehicle sales were 10.657 million, a 25.0% increase year - on - year. China and the European market had strong growth, while the US growth slowed down [40]. - **Domestic new energy vehicle market**: From January to August, China's new energy vehicle market had cumulative sales of 9.592 million, a 36.4% increase year - on - year. From September 1 - 14, the retail sales of the national passenger new energy vehicle market were 438,000, a 6% increase year - on - year and a 10% increase month - on - month [43]. - **Power battery production**: In July, China's total production of power and other batteries was 133.8GWh, a 3.6% increase month - on - month and a 44.3% increase year - on - year. From January to July, the cumulative production was 831.1GWh, a 57.5% increase year - on - year [47]. - **Consumer electronics**: In the second quarter of 2025, China's smartphone market shipments were 69 million, a 4.0% decrease year - on - year. The production of electronic computer complete machines in the second quarter was 93.7 million, an 8.2% increase year - on - year [51]. - **Overseas energy storage demand**: From January to July 2025, the new installed capacity of new - type energy storage was 25.85GW/67.75GWh, a 48.8% increase in capacity year - on - year. Overseas, the energy storage growth rate was remarkable [56]. Other Indicators - **Basis**: This week, the lithium carbonate basis was - 460, with the spot price at a discount to the futures price. The spread between battery - grade and industrial - grade lithium carbonate was flat week - on - week at 2,250 yuan/ton [59]. - **Term structure**: This week, the lithium carbonate contract term structure was in a horizontal structure, and the spread between the first - continuous and near - month contracts turned positive, with a spread of 200, an increase of 360 from last week [62].

Core Viewpoint - Jin Tong Ling's stock price has experienced fluctuations, with a year-to-date increase of 44.88% but a recent decline in the last five trading days by 1.00% [2] Financial Performance - As of June 30, Jin Tong Ling reported a revenue of 370 million yuan for the first half of 2025, a year-on-year decrease of 48.70%, and a net profit attributable to shareholders of -202 million yuan, a decrease of 167.72% [3] - The company has cumulatively distributed 109 million yuan in dividends since its A-share listing, with no dividends distributed in the last three years [4] Stock Market Activity - On September 22, Jin Tong Ling's stock price fell by 2.30%, trading at 2.97 yuan per share, with a total market capitalization of 4.423 billion yuan [1] - The stock has seen a net outflow of 13.7848 million yuan in principal funds, with large orders accounting for 21.37% of total purchases and 34.40% of total sales [1] Shareholder Information - As of June 30, the number of shareholders decreased to 45,500, a reduction of 19.77%, while the average circulating shares per person increased by 24.64% to 32,436 shares [3] Business Overview - Jin Tong Ling, established on April 9, 1993, and listed on June 25, 2010, specializes in the research, manufacturing, and application of high-end fluid machinery products, including industrial blowers and turbines [2] - The company's revenue composition includes blowers (38.82%), system integration projects (16.34%), boiler sales (13.12%), compressors (12.00%), and other categories [2]

Core Viewpoint - Camel Group Co., Ltd. has experienced fluctuations in stock price and trading volume, with a notable increase in revenue and net profit year-on-year, indicating potential growth in the battery and recycling sectors [1][2]. Financial Performance - As of June 30, 2025, Camel Group achieved a revenue of 7.995 billion yuan, representing a year-on-year growth of 6.22% [2]. - The net profit attributable to shareholders for the same period was 532 million yuan, showing a significant increase of 69.46% year-on-year [2]. Stock Market Activity - On September 22, 2023, Camel Group's stock price fell by 2.01% to 10.71 yuan per share, with a trading volume of 277 million yuan and a turnover rate of 2.18% [1]. - The company’s stock has increased by 33.88% year-to-date, but has seen a decline of 5.89% over the last five trading days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Camel Group was 51,900, a slight decrease of 0.12% from the previous period [2]. - The average number of circulating shares per shareholder increased by 0.12% to 22,620 shares [2]. Dividend Distribution - Camel Group has distributed a total of 2.522 billion yuan in dividends since its A-share listing, with 892 million yuan distributed over the last three years [3]. Major Shareholders - As of June 30, 2025, Hong Kong Central Clearing Limited was the sixth-largest circulating shareholder, holding 21.976 million shares, a decrease of 10.636 million shares from the previous period [3]. - Other notable shareholders include Dachen Strategy Return Mixed A and Dachen Ruixiang Mixed A, which also saw reductions in their holdings [3].

Core Viewpoint - The stock of Southern Power Grid Energy has experienced fluctuations, with a recent decline of 2.04%, while the company shows a year-to-date increase of 14.79% in stock price [1] Financial Performance - For the first half of 2025, Southern Power Grid Energy reported revenue of 3.301 billion yuan, representing a year-on-year growth of 13.38% [2] - The net profit attributable to shareholders for the same period was 832 million yuan, reflecting a year-on-year increase of 32.93% [2] Shareholder Information - As of June 30, the number of shareholders for Southern Power Grid Energy was 43,000, a decrease of 1.27% from the previous period [2] - The average number of circulating shares per shareholder increased by 1.28% to 25,781 shares [2] Dividend Distribution - Since its A-share listing, Southern Power Grid Energy has distributed a total of 1.622 billion yuan in dividends [3] - Over the past three years, the cumulative dividend payout has reached 930 million yuan [3] Company Overview - Southern Power Grid Energy, established on December 29, 1997, and listed on June 15, 2004, is based in Guangzhou, Guangdong Province [1] - The company's main business includes pumped storage, peak regulation hydropower, and independent energy storage development, investment, construction, and operation [1] - The revenue composition is as follows: pumped storage 66.22%, peak regulation hydropower 26.73%, new energy storage 5.38%, others 1.01%, and technical services 0.66% [1] Market Activity - As of September 22, the stock price was 11.54 yuan per share, with a market capitalization of 36.882 billion yuan [1] - The trading volume was 144 million yuan, with a turnover rate of 0.39% [1] - The net outflow of main funds was 20.7282 million yuan, with significant selling pressure observed [1]

Core Viewpoint - Chuaneng Power experienced a decline in stock price and significant net outflow of funds, indicating potential challenges in the market despite its involvement in renewable energy sectors [1][2]. Group 1: Stock Performance - On September 22, Chuaneng Power's stock price fell by 2.02%, reaching 10.18 CNY per share, with a trading volume of 137 million CNY and a turnover rate of 0.72% [1]. - Year-to-date, the stock price has decreased by 4.68%, with a 3.87% drop over the last five trading days and a 1.93% decline over the last 20 days, while it has increased by 3.67% over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Chuaneng Power reported a revenue of 1.486 billion CNY, a year-on-year decrease of 17.58%, and a net profit attributable to shareholders of 306 million CNY, down 51.70% year-on-year [2]. - Cumulatively, the company has distributed 839 million CNY in dividends since its A-share listing, with 295 million CNY distributed over the last three years [3]. Group 3: Shareholder and Market Activity - As of June 30, 2025, the number of shareholders decreased by 5.08% to 119,100, while the average number of circulating shares per person increased by 14.85% to 15,505 shares [2]. - Among the top ten circulating shareholders, the Southern CSI 500 ETF holds 16.4369 million shares, an increase of 4.5753 million shares compared to the previous period, while Hong Kong Central Clearing Limited has exited the top ten list [3]. Group 4: Business Overview - Chuaneng Power, established on October 20, 1997, and listed on September 26, 2000, is primarily engaged in renewable energy generation, including wind, solar, and waste-to-energy, as well as lithium mining and processing [1]. - The company's main revenue sources are wind power (50.70%), environmental protection (34.63%), and lithium battery business (14.67%) [1].

Company Overview - Zhejiang Renzhi Co., Ltd. is located in Shenzhen, Guangdong Province, and was established on September 27, 2006, with its listing date on November 3, 2011 [2] - The company specializes in oilfield technology services, including technology research and development, solution design, service provision, and the development and production of oilfield chemical agents [2] - Main business revenue composition includes: 34.69% from new energy power engineering, 31.93% from oil and gas field technology services, 18.06% from drilling engineering services, 14.76% from new materials and petrochemical product sales, and 0.55% from other services [2] Financial Performance - As of June 30, the company had 25,600 shareholders, a decrease of 7.45% from the previous period, with an average of 13,916 circulating shares per shareholder, an increase of 8.05% [2] - For the first half of 2025, the company achieved operating revenue of 50.41 million yuan, a year-on-year decrease of 44.38%, while the net profit attributable to the parent company was -11.84 million yuan, a year-on-year increase of 32.65% [2] Stock Performance - On September 22, Renzhi Co. saw a stock price increase of 2.13%, reaching 7.68 yuan per share, with a trading volume of 59.88 million yuan and a turnover rate of 2.23%, resulting in a total market capitalization of 3.272 billion yuan [1] - Year-to-date, the stock price has increased by 80.71%, with a 3.64% increase over the last five trading days, a 10.34% increase over the last 20 days, and a 23.87% increase over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" six times this year, with the most recent appearance on July 9, where it recorded a net buy of -16.33 million yuan [1] Dividend Information - Since its A-share listing, Renzhi Co. has distributed a total of 70.15 million yuan in dividends, with no dividends paid in the last three years [3]

专题报告 2025-09-22 报告要点： 当前锂电材料旺季，碳酸锂供给增速低于消费端，基本面出现修复。短期现货偏紧，锂价底 部支撑强，市场等待新驱动，建议博弈聚焦资源供给持续性及需求预期差。 吴坤金 有色研究员 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲（联系人） 有色研究员 从业资格号：F03121027 0755-23375139 zengyuke@wkqh.cn 有色金属研究 | 碳酸锂 碳酸锂：旺季底部支撑较强 1、近期行情回顾 碳酸锂：旺季底部支撑较强 7 月中旬至 9 月上旬，碳酸锂市场呈现剧烈波动。7 月初，焦煤、多晶硅、工业硅、碳酸锂等 超跌品种在"反内卷"呼声下摆脱下跌趋势。随后碳酸锂市场博弈点转向资源端，宜春储量 核实、藏格锂业停产、宜春银锂检修等消息引发矿端供给收紧猜想，而宁德时代宜春锂云母 矿停产将市场情绪推向高潮，碳酸锂期货价格一度冲高至 9 万元附近。后续市场情绪逐渐降 温，交易回归基本面。国内碳酸锂产量小幅回调后持续增长，实际供需缺口低于市场预期。 同时，产业资金珍惜盘面套保机会，多头资金逐渐谨慎， ...

Core Viewpoint - The stock of Kolyuan has experienced a decline of 2.01% on September 22, with a current price of 6.34 CNY per share, reflecting a significant trading volume and market dynamics [1] Company Overview - Kolyuan New Energy Co., Ltd. is located in Hunan Province and was established on January 24, 1998, with its listing date on September 18, 2003. The company focuses on battery and material businesses, particularly in the nickel-hydrogen battery sector, and is expanding into lithium battery upstream supply chains [2] - The revenue composition of Kolyuan includes: 30.14% from power batteries and pole pieces, 29.76% from consumer batteries, 13.66% from nickel products, 9.26% from trade income, 7.00% from lithium materials, 6.31% from energy storage products, and 3.87% from other sources [2] - Kolyuan operates within the electric power equipment industry, specifically in the battery and lithium battery sectors, and is involved in concepts such as solid-state batteries, battery recycling, lithium batteries, hydrogen energy, and energy storage [2] Financial Performance - As of June 30, Kolyuan reported a total of 1.822 billion CNY in revenue for the first half of 2025, marking a year-on-year growth of 23.21%. The net profit attributable to shareholders was 51.2187 million CNY, showing a substantial increase of 187.23% year-on-year [2] - The company has distributed a total of 89.3244 million CNY in dividends since its A-share listing, with 24.9831 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, Kolyuan had 103,300 shareholders, an increase of 31.16% from the previous period, with an average of 16,117 circulating shares per shareholder, which is a decrease of 23.76% [2]